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American Express Company

AXP Financial Credit Services

American Express Company’s revenue for fiscal 2025 (year ended December 2025) was $80.5 billion, up 8.44% from fiscal 2024.

Revenue
+6.92%
EPS
+31.2%
Free cash flow
−20.5%
Total debt
+1.30%

Quarter to September 2026, against a year earlier

325.97 6.62 −1.99%
Market cap
$217.9B
P/E
18.3×
Fwd P/E
17.4×
Dividend yield
1.13%
F-score
7/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Insider Decisions last twelve months

Sold, $m 79.92
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 — 6 2 — — 1 — 1 — — 2
Insider Ownership 0.49%

Capital & Financial Ratios $m

Size
Market Cap 217,910.00
Revenue ttm 85,495.00
Net income ttm 12,256.00
Free cash flow ttm 13,910.00
Net debt Q 15,335.00
Valuation
P/E 18.32
Forward P/E 17.40
Price / sales 2.57
Forward P/S Powerpack
Price / FCF 15.77
Price / book 6.13
Financial health
Current ratio Q 1.58
Debt / equity Q 1.64
Interest coverage Q —
Growth
Revenue growth Q +6.92% (above 0%: growing)
Operating income growth Q +18.46% (above 0%: growing)
EPS, this year +19.32% (at or above 15%: strong)
EPS, next year A +9.94%
Revenue, next year A −1.34% (below 0%: weak)
EPS, past 5 yrs +32.47% (at or above 15%: strong)
EPS, next 5 yrs A +14.65%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 53.28%
10-year low 10-year high
P/S against its own 10 years 70.30%
10-year low 10-year high
P/B against its own 10 years 79.90%
10-year low 10-year high

Dividends raised 5 years running

Yield
1.13%
Annual rate
3.67
Payout ratio
20.7%
Growth, 2018–26
+12.4%/yr
  1. 1.44 ’18
  2. 1.60 ’19 +11
  3. 1.72 ’20 +7
  4. 1.72 ’21 +0
  5. 1.99 ’22 +16
  6. 2.32 ’23 +17
  7. 2.70 ’24 +16
  8. 3.16 ’25 +17
  9. 3.67 ’26 +16
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 46,596 40,640 47,792 43,203
Receivables — — — —
Inventory — — — —
Other — — — —
234,670 243,671 268,628 270,387
2023 2024 2025 Q'26
Payables 142,253 153,297 167,188 170,203
ST’ Debt — — — —
Other — — — —
143,546 154,671 168,559 171,618

Compound Annual Growth %

10y 5y 3y
Sales 8.86% 16.08% 13.09%
Cash Flow 5.58% 26.94% (4.38%)
Earnings 7.77% 28.65% 13.08%
Book Value 4.94% 7.81% 10.65%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 4.47 Actual 4.68

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 3.54 3.53 Miss by 0.01
Q1 FY26 4.03 4.28 Beat by 0.25
Q2 FY26 4.41 4.53 Beat by 0.12
Q3 FY26 4.47 4.68 Beat by 0.21
Q4 FY26 4.30 — Reports 29 January 2027

EPS $

Mar Jun Sep Dec Year
’26 4.28 4.53 5.42 — —
’25 3.64 4.08 4.14 3.53 15.38
’24 3.33 4.15 3.49 3.04 14.01
’23 2.40 2.89 3.30 2.62 11.21
’22 2.73 2.57 2.47 2.07 9.85
’21 2.74 2.80 2.27 2.18 10.02
’20 0.41 0.29 1.30 1.76 3.77
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 20,880 21,595 21,980 — —
’25 18,933 19,933 20,557 21,040 80,463
’24 17,807 18,397 18,779 19,218 74,201
’23 15,714 16,724 17,179 17,747 67,364
’22 12,056 13,834 14,352 15,383 55,625
’21 9,426 10,565 11,235 12,437 43,663
’20 11,026 8,217 9,201 9,741 38,185
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 3,804 5,371 5,384 — —
’25 4,764 4,364 6,233 3,067 18,428
’24 5,552 4,532 (1,812) 5,778 14,050
’23 (377) 3,923 8,244 6,769 18,559
’22 3,880 4,259 4,508 8,432 21,079
’21 2,280 3,185 4,172 5,008 14,645
’20 (2,219) 2,130 2,180 3,500 5,591
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 2,655 4,473 4,437 — —
’25 4,334 3,745 5,579 2,345 16,003
’24 5,156 3,967 (2,267) 5,283 12,139
’23 (737) 3,547 7,843 6,343 16,996
’22 3,433 3,807 4,065 7,919 19,224
’21 1,961 2,895 3,702 4,537 13,095
’20 (2,554) 1,776 1,827 3,064 4,113
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 25.7% a year for ten years. It grew 10.8% a year over the last ten.

Implied
25.7%
10 years, reported
10.8%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 37,143 38,990 43,281 47,020 38,185 43,663 55,625 67,364 74,201 80,463 85,495 +9.0% 79,384 86,572 94,075 +5.3%
Gross margin, % 95.41 94.58 93.20 92.63 94.51 97.06 95.03 89.83 88.88 89.77 90.75 (5.6) pt
EBT 8,042 7,425 8,122 8,429 4,296 10,689 9,585 10,513 12,895 13,795 15,470 +6.2%
EBT margin, % 21.65 19.04 18.77 17.93 11.25 24.48 17.23 15.61 17.38 17.14 18.09 (4.5) pt
Net income 5,375 2,748 6,921 6,759 3,135 8,060 7,514 8,374 10,129 10,833 12,256 +8.1%
Per share, $
Per share, $ Revenue 39.81 44.16 50.56 56.79 47.43 55.34 74.07 91.65 104.21 115.77 127.04 +12.6%
Earnings 5.67 2.98 7.93 8.00 3.77 10.04 9.86 11.23 14.04 15.41 17.79 +11.7%
Cash flow 8.89 15.33 10.43 16.46 6.95 18.56 28.07 25.25 19.73 26.52 26.19 +12.9%
Capex (1.47) (1.20) (1.53) (1.99) (1.84) (1.96) (2.47) (2.13) (2.68) (3.49) (5.52) +10.1%
Free cash flow 7.41 14.13 8.90 14.48 5.11 16.60 25.60 23.12 17.05 23.03 20.67 +13.4%
Book value 21.97 20.68 26.04 27.86 28.55 28.11 32.90 38.17 42.51 48.16 53.19 +9.1%
Shares, m 933 883 856 828 805 789 751 735 712 695 683 (3.2%)
Valuation, ×
Valuation, × P/E 13.34 34.00 12.02 15.54 32.07 16.34 14.94 16.77 21.14 24.04 18.32 20.0
P/S 1.89 2.24 1.89 2.19 2.55 2.96 1.99 2.05 2.85 3.20 2.57 2.4
P/B 3.43 4.78 3.66 4.47 4.23 5.82 4.47 4.93 6.98 7.68 6.13 5.0
EV/Sales 2.48 2.83 2.60 2.90 2.81 3.34 2.14 2.07 2.97 3.30 — 2.7
EV/FCF 13.31 8.83 14.77 11.38 26.09 11.13 6.20 8.22 18.16 16.60 — 13.5
Cash, $m
Cash, $m Operating cash flow 8,291 13,540 8,930 13,632 5,591 14,645 21,079 18,559 14,050 18,428 17,626 +9.3%
Capex (1,375) (1,062) (1,310) (1,645) (1,478) (1,550) (1,855) (1,563) (1,911) (2,425) (3,716) +6.5%
Free cash flow 6,916 12,478 7,620 11,987 4,113 13,095 19,224 16,996 12,139 16,003 13,910 +9.8%
Balance, $m
Balance, $m Working capital 68,117 79,020 80,846 78,397 48,845 66,526 77,152 91,124 89,000 100,069 98,769 +4.4%
Net debt 21,782 22,877 30,978 33,389 9,987 16,647 8,659 1,270 9,075 8,595 15,335 (9.8%)
Shareholders’ equity 20,501 18,261 22,290 23,071 22,984 22,177 24,711 28,057 30,264 33,474 35,797 +5.6%
Returns, %
Returns, % ROA 3.28 1.56 3.67 3.43 1.56 4.17 3.55 3.37 3.75 3.74 3.98 +0.5 pt
ROIC 11.89 11.28 9.53 9.33 8.14 17.21 17.95 22.40 20.49 20.49 18.91 +8.6 pt
ROE 25.51 13.65 33.47 29.24 13.18 35.06 31.56 31.28 34.28 33.58 35.45 +8.1 pt
People
People Employees 56,400 55,000 59,000 64,000 64,000 64,000 77,300 74,600 75,100 76,800 — +3.5%
Revenue/emp, $m 0.66 0.71 0.73 0.73 0.60 0.68 0.72 0.90 0.99 1.05 — +5.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

American Express is a global payments and premium lifestyle brand powered by technology. It was founded in 1850, is headquartered in New York, and is led by Chairman and Chief Executive Officer Stephen J. Squeri.

The company issues credit, charge and debit cards to consumers, small businesses, mid-sized companies and large corporations. It also provides travel, dining, lifestyle, expense-management, banking, deposit, lending and payment products. Card Members can use products through mobile and online applications, direct marketing, sales teams, partner channels and other distribution arrangements.

American Express Company vs peers in Credit Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
V Visa Inc. $809.5B 32.7× 32.6× +13.19% (above 0%: growing) +27.62% (above 0%: growing) +17.85% (above 0%: growing) 100.00% 59.82% Compare
MA Mastercard Incorporated $571.4B 34.2× 32.5× +14.01% (above 0%: growing) +21.61% (above 0%: growing) −10.28% (below 0%: shrinking) 100.00% 59.77% Compare
AXP American Express Company $217.9B 18.3× 17.4× +6.92% (above 0%: growing) +31.16% (above 0%: growing) −20.47% (below 0%: shrinking) 91.27% 0.00%
COF Capital One Financial Corporation $122.6B 12.1× 11.7× +3.24% (above 0%: growing) +16.36% (above 0%: growing) −39.32% (below 0%: shrinking) 80.29% 0.00% Compare
PYPL PayPal Holdings, Inc. $49.0B 11.2× 11.2× +1.98% (above 0%: growing) −3.53% (below 0%: shrinking) −16.59% (below 0%: shrinking) 40.96% 16.33% Compare
AFRM Affirm Holdings, Inc. $23.6B 11.8× 36.6× +35.24% (above 0%: growing) +100.00% (above 0%: growing) −54.85% (below 0%: shrinking) 0.00% 14.82% Compare
SYF Synchrony Financial $23.1B 7.7× 7.9× +0.60% (above 0%: growing) −6.23% (below 0%: shrinking) −5.27% (below 0%: shrinking) 83.39% 0.00% Compare
SOFI SoFi Technologies, Inc. $20.8B 27.8× 27.5× +41.86% (above 0%: growing) +58.33% (above 0%: growing) −120.02% (below 0%: shrinking) 77.00% 0.00% Compare
ALLY Ally Financial Inc. $11.7B 8.8× 8.1× +4.53% (above 0%: growing) +10.92% (above 0%: growing) +32.70% (above 0%: growing) 62.76% 0.00% Compare
Median of peers $36.3B 11.9× 19.6× +8.86% +18.99% −13.43% 78.65% 7.41%

All 53 Credit Services stocks →

From the latest earnings call

Updated

  • Steve Squeri said American Express raised its full-year revenue-growth outlook to 10% while choosing to reinvest outperformance in growth initiatives.
  • Christophe Le Caillec said the company expects card-fee growth to accelerate in Q3 and exit 2026 in the high teens.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
BMO Capital Markets Oct 22, 2026 Initiated Outperform 380.00
Evercore ISI Oct 5, 2026 Target cut — 370.00 → 320.00
UBS Oct 5, 2026 Target cut Hold 384.00 → 345.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 84.71%
Held by the ten largest 51.32%
Holder Shares Stake Change
Berkshire Hathaway 151.61m 22.46% 0.00
Vanguard 49.54m 7.34% +3.10m
BlackRock 42.01m 6.22% +96.08k
State Street 29.10m 4.31% −131.92k
JPMorgan Chase 20.46m 3.03% +51.62k
Geode Capital Management 14.02m 2.08% −146.92k
Morgan Stanley 13.12m 1.94% +312.36k
Fisher Investments 9.43m 1.40% +176.30k
UBS 9.14m 1.35% −677.39k
Norges Bank 7.99m 1.18% +7.99m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 25 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 46.24m 95.38m 326.00
2024 37.16m 122.45m 258.00
2023 35.68m 62.34m 161.00
2022 48.03m 42.95m 125.00
2021 25.51m 49.86m 137.00
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

American Express Company (AXP) Latest News

31 Oct

Impact 3 · · Simply Wall St.

29 Oct

Impact 4 · · Business Wire
Impact 4 · · CNW Group
Impact 4 · · The Motley Fool
Impact 3 · · Zacks
Impact 3 · · Zacks

28 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · The Motley Fool
Impact 3 · · TheStreet
Impact 3 · · Benzinga
Impact 3 · · Zacks

26 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · StockStory
Impact 4 · · Zacks
Impact 3 · · StockStory

25 Oct

Impact 3 · · 24/7 Wall St.

24 Oct

Impact 4 · · TheStreet
Impact 4 · · Simply Wall St.
Impact 4 · · 24/7 Wall St.
Impact 4 · · Simply Wall St.
Impact 4 · · TIKR
Impact 4 · · StockStory
Impact 3 · · beincrypto.com
Impact 3 · · MarketBeat

23 Oct

Impact 4 · · TheStreet
Impact 4 · · Barchart
Impact 4 · · Investopedia
Impact 3 · · Benzinga
Impact 3 ·
Impact 3 · · Simply Wall St.

AXP metrics, ten years each

stockrow.com/AXP · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com